Two of ARS Pharmaceuticals’ (NASDAQ:SPRY) more-than-10% owners, Sarina Tanimoto and Richard Lowenthal, have been actively purchasing SPRY stock. The insiders purchased SPRY shares worth $678,980 over the past week alone, reflecting confidence in the company’s growth potential.
ARS is a clinical-stage biopharmaceutical company developing an intranasal epinephrine product for patients and their caregivers with Type 1 allergic reactions, including food, medications, and insect bites, which could lead to life-threatening anaphylaxis.
A Closer Look at Insider’s Transactions
As per the Form 4 filing with the SEC, both insiders made multiple purchases of SPRY shares on April 19 and April 23. Insider Sarina Tanimoto is the Chief Medical Officer, while Richard Lowenthal is the President and CEO of ARS Pharmaceuticals. The value of SPRY stock in each of the corporate insiders’ portfolios currently stands at $109.36 million.
It is worth noting that these were the first Informative Buy transactions by the two insiders. In prior days, these two insiders engaged in Uninformative Buy/Sell transactions on multiple days.
SPRY has a Positive Insider Confidence Signal on TipRanks based on Informative Buys worth $13.3 million undertaken in the last three months.
It is vital to keep an eye on the Informative trades of corporate insiders, given their knowledge of a company’s growth potential. Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is SPRY a Good Buy?
Analysts are highly optimistic about the solid approval prospects of ARS Pharmaceuticals’ neffy (Epinephrine Nasal Spray) by the U.S. Food and Drug Administration (FDA). They are encouraged by the positive top-line results from the repeat dose study of neffy under nasal allergen conditions.
On TipRanks, SPRY stock has a Strong Buy consensus rating, backed by three unanimous Buy ratings. Also, the average ARS Pharmaceuticals price target of $19 implies a staggering 130% upside potential from current levels. In the past year, SPRY shares have gained 27.1%.
